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Manipal Health Enterprises Limited (MHEL), operating as a multi-specialty hospital network in India, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India for a proposed initial public offering. The IPO includes both a fresh issue of equity shares and an offer for sale by existing shareholders. The proposed offering is aimed at strengthening the balance sheet, funding acquisitions, and supporting general corporate purposes, while also providing liquidity to certain shareholders.
The DRHP provides an overview of the proposed IPO and sets out the company’s financials, governance framework, and business outlook.
Manipal Health Enterprises Limited filed its Draft Red Herring Prospectus with SEBI on March 23, 2026, and the DRHP along with the draft abridged prospectus has been displayed on SEBI’s public issues platform. The filing marks the formal initiation of the IPO process and is currently under regulatory review.
As per the Manipal Health Enterprises Limited IPO DRHP, the proposed issue is structured as a book-built IPO comprising both fresh issue and offer for sale components.
As outlined in the DRHP, the IPO structure is expected to consist of the following elements:
| Particulars | Details |
|---|---|
Issue Type |
Book-built issue (Fresh Issue + Offer for Sale) |
Fresh Issue |
Up to ₹8,000 Crore |
Offer for Sale |
Up to 4,32,27,668 equity shares |
Face Value |
₹2 per equity share |
Promoter / Investor Sellers |
Multiple financial and strategic investors |
Proposed Listing |
NSE and BSE |
Price Band |
To be announced in RHP |
These details reflect indicative disclosures available at the DRHP stage and are subject to change based on SEBI observations and final approvals.
As per the DRHP, Manipal Health Enterprises Limited operates a network of multi-specialty hospitals across India, offering healthcare services including primary, secondary, tertiary, and quaternary care across clinical specialties such as cardiology, oncology, orthopaedics, neurology, and organ transplantation.
The company operates 38 hospitals (48 on a pro forma basis) with a capacity of over 10,761 licensed beds (12,367 beds on a pro forma basis) across 14 states and union territories in India, including facilities under the Manipal Hospitals and Sahyadri Hospitals brands.
The important operational aspects include:
Providing integrated inpatient and outpatient healthcare services
Leveraging advanced medical technology and clinical expertise
Expanding through acquisitions and capacity additions
Serving a diverse patient base across geographies
As per the DRHP, the company operates a network of hospitals offering a range of healthcare services across multiple specialties.
As outlined in the DRHP, the net proceeds from the fresh issue are proposed to be utilised for the following purposes:
| Purpose | Description |
|---|---|
Repayment / Prepayment of Borrowings |
Repayment or prepayment, in full or in part, of certain borrowings availed by the company and/or its subsidiaries, as specified in the DRHP |
Acquisition of Stake |
Funding the acquisition of stake in Sahyadri Hospitals Private Limited, as detailed in the DRHP |
General Corporate Purposes |
General corporate purposes, as permitted under applicable regulations |
The offer for sale component will provide liquidity to existing shareholders, and proceeds from this portion will not be received by the company.
The DRHP includes financial data for Manipal Health Enterprises Limited, covering revenue, profitability, and other reported metrics.
| Fiscal Year / Period | Revenue from Operations (₹ Crore) | PAT (₹ Crore) | EBITDA (₹ Crore) |
|---|---|---|---|
FY2022 |
4,713.05 |
571.83 |
As per DRHP |
FY2023 |
8,242.25 |
1,081.67 |
2,261.02 |
FY2024 |
6,171.63 |
533.20 |
As per DRHP |
FY2025 (Provisional) |
8,362.81 |
1,081.67 |
2,261.02 |
*Detailed year-wise financial statements, including audited figures, are available in the DRHP and should be referred to for complete financial information.
Track the IPO journey and key milestones based on disclosures:
| Milestone / Stage | Date (or Status) | Details |
|---|---|---|
DRHP filed with SEBI |
March 23, 2026 |
IPO initiated with fresh issue and OFS components |
DRHP displayed on SEBI |
April 7, 2026 |
Public availability of DRHP and abridged prospectus |
DRHP hosted on banker websites |
Late March–April 2026 |
Available via lead managers |
SEBI observations |
Awaited |
Under regulatory review |
Filing of RHP |
To be announced |
Will include final pricing and details |
IPO Opening Date |
Not yet announced |
Expected post approvals |
IPO Closing Date |
To be announced |
Final schedule pending |
Listing on NSE/BSE |
To be announced |
Subject to completion of IPO process |
Note: Investors should refer to official filings for final IPO dates to learn more about Manipal Health Enterprises Limited IPO listing details and price, and listing timelines.
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner
Manipal Health Enterprises Limited filed its DRHP with SEBI on March 23, 2026, marking the formal start of its IPO process.
The Manipal Health Enterprises Limited IPO comprises a fresh issue of up to ₹8,000 Crore and an offer for sale of up to 4.32 crore equity shares by existing shareholders.
Manipal Health Enterprises Limited operates a network of multi-specialty hospitals providing comprehensive healthcare services across India.
The Manipal Health Enterprises Limited IPO proceeds are intended for debt repayment, acquisition of stake in a subsidiary, and general corporate purposes.
The Manipal Health Enterprises Limited IPO is currently at the DRHP stage and is under review by SEBI. Further updates will follow after regulatory observations.
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Posted on 10 Apr
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